Honesty and Integrity: Flight AppraisalWe think of what we do as a profession. Requirements to become a licensed appraiser have increased more than ever in the past. So it goes without question in this day and age that real estate appraisal can certainly be considered a profession rather than a trade. In our field, as with any profession, we are bound by ethical considerations.
We have quite a few obligations as appraisers, but above everything we answer to our clients.
More often than not, in residential practice, the lender (or an agent of the lender) places the order to the appraiser, becoming the appraiser's client.
It's important to know that many matters relating to an assignment are to be shared exclusively with the appraiser's client. As
a homeowner, if you desire to obtain a copy of an appraisal report, you normally should request it from your lender and not the appraiser.
Appraisers can sometimes have fiduciary responsibilities to third parties, such as homeowners, sellers and buyers, or others. Those third parties normally are listed in the appraisal assignment itself. An appraiser's fiduciary duty is restricted to those third parties who the appraiser knows, based on the scope of work or other things in the framework of the order.
There are also ethical rules that have nothing to do with clients and others. For example, appraisers must be able to produce their work files for a minimum of five years - at Flight Appraisal you can rest assured that we abide by that rule.
We require the highest professional integrity possible from ourselves. Doing assignments where our fee is dependent on our value conclusion is never an option. That means we can't agree to do an appraisal report and collect payment on the contingency of the loan closing. There's an obvious conflict of interest if an appraiser can report an unsubstantiated value and then get paid more money! We just don't do it.
Finally, the Uniform Standards of Professional Appraisal Practice (or simply "USPAP") clearly defines a violation in ethics as the acceptance of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)", "a direction in assignment results that favors the cause of the client", or "the amount of a value opinion" as well as other situations. We diligently follow these rules to the letter which means you can be assured we are going above and beyond to get you an accurate home or property value.
With Flight Appraisal, you can be assured of 100 percent ethical, professional service.